Vinery swoop as Tinkler's empire comes crashing down

Date: December 15 2012

Chris Roots

NATHAN TINKLER'S racing empire has crumbled with Caulfield Guineas winner All Too Hard and the foundation stone of his foray into the sport, Patinack Farm Aberdeen, reportedly sold as part of a deal worth $30 million on Friday.

Fairfax Media has learned Vinery Stud, part-owned by Gerry Harvey and Black Caviar's owner Neil Werrett, will be the new owner of All Too Hard and Onemorenomore, which stands at the Hunter Valley stud, and the Aberdeen property.

Vinery Stud general manager Peter Orton would only confirm the stud was in discussions about buying All Too Hard, a half-brother to the unbeaten Black Caviar.

"I think any stud would like to have a stallion prospect like him and there are at least two other studs in the market," Orton said.

Insiders in the Tinkler group were saying on Friday that a lot of problems had been solved by the sale of All Too Hard.

It is not clear if Tinkler will pocket money from the deal. He was extended a loan by Harvey, reportedly $30 million, as his woes emerged and there is said to be more than $1 million in unpaid fees owed to Vinery.

An announcement about the deal will be made before Christmas as Tinkler's spectacular fall from Australia's youngest billionaire builds more momentum.

Werrett was the underbidder on All Too Hard, by Patinack stallion Casino Prince, when as a yearling he topped the Inglis Easter Sale at $1.025 million.

He comes from one of the most successful families in the stud book, being a half-brother to the unbeaten Black Caviar and stallion Moshe. The next family member, a Redoute's Choice filly, topped this year's Easter sale at $2.6 million.

All Too Hard made an immediate impact on the racetrack, winning his first three starts under the guidance of training partnership John, Michael and Wayne Hawkes, and was favourite for the world's richest two-year-olds' race, the Golden Slipper, before a decision was taken not to start.

All Too Hard was runner-up to Pierro in the Sires' Produce Stakes at his final start as a two-year-old. He did not win again until turning the tables on Pierro in the group 1 Caulfield Guineas at his fourth run as a three-year-old.

He backed up a week later and ran second to Ocean Park in the Cox Plate. All Too Hard will campaign in the autumn and is likely to go to Royal Ascot in June.

The Patinack Farm operation reportedly costs more than $500,000 a week to run and Fairfax Media has previously reported on its staff going without pay, horses without feed, and of tax and workers compensation debts.

For some time racing bodies in NSW, Victoria and Queensland have been collecting prizemoney won by Patinack horses to pay the operation's debt to race clubs for stables and sponsorship.

Several Patinack staff, including chief executive Peter Beer, have been sacked this month and the studs are run by skeleton staff.

Tinkler is involved in litigation against at least 17 individual creditors seeking money from him, or his companies, and his jet and helicopter were seized this month.

The Australian Taxation Office has applied to wind-up Hunter Sports Group, which owns the Newcastle Jets A-League team and NRL club the Newcastle Knights. In total, the Tax Office is seeking $3.8 million. The Hunter Sports Group is also being sued by the NSW government over $600,000 in unpaid stadium rent.

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